Tag Archives: condo

What do I need to consider before applying for a new credit card?

Posted July 16 by Tracy Becker (Credit Expert), Leave a comment

Q: I was thinking about applying for a credit card that would give me more points and rewards for all the money I charge. What should I consider before doing this in regard to my credit scores? Read More.

I just moved to NYC from outside of the United States, so I don’t have American credit. How can I build my credit so that I can buy a co-op or condo in NYC within the next two years?

Posted May 15 by Tracy Becker (Credit Expert), Leave a comment

Q: I just moved to NYC/the U.S. and it seems I have pretty much no American credit.  I am planning on buying a co-op or condo in NYC within the next two years. How can I build credit with a purchase in mind? Read More.

What do I need to know about renting or buying in co-ops versus condos?

Posted February 21 by Team Elliman, Leave a comment

Q: What do we need to know about renting or buying in co-op? Versus a condo? A. Subletting in co-ops is generally discouraged. Co-ops that do permit subletting often limit the lease terms and will ask the prospective tenant to submit a lease application, which requires full financial disclosure, references, rental history and often a personal interview. Condo leasing, on the other hand, is an accepted part of the condo’s policies and procedures. While the process does require financial disclosure, there is no personal interview. There are application fees with both types of properties, as well as other associated fees such as credit check fees, move-in and move-out fees, and so on. Often, in both co-ops and condos, certain policies, like permitting pets, apply to purchasers only, and do not apply to renters. It is best to check each rental … Read More.

Our son rents and is now ready to buy. Assuming there’s money for a co-op or condo purchase, which is advisable?

Posted January 5 by Dottie Herman, Leave a comment

Q: Our son rents in Manhattan and is now ready to buy. Assuming there is money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We live in NJ, own our own home and are not in the mindset of sharing in a corporation and have no experience with NY real estate. And yes, we are learning that condos are more expensive. We want to learn about co-op vs. condo so we can help him. Thank you for your professional advice. Read More.

What percentage of occupancy do condos need to allow financing?

Posted November 7 by Jan Scheck, Leave a comment

Q: I recently refinanced my condo. We have 183 units, 70 of which are subleased out by the individual owners, as permitted by the bylaws (39%). A local Realtor told me that 39% percent was very high since she thought that banks only allowed 10% of a condo or townhouse complex to be occupied by non-owners. Read More.

How can we refinance combined apartments?

Posted November 1 by Team Elliman, Leave a comment

Q: We are in possession of two apts.  We have combined them into one large unit.  Since NYC does not allow two kitchens in one unit, we removed the kitchen from the smaller apt.  We are trying to figure out how we can refinance the smaller unit which is at 5 3/4 % at the present time.  Our credit is excellent.  We have asked the condo about combining the deeds; however, they do not allow it.  If you have any suggestions, I would appreciate your input.  My husband is 100% disabled and we purchased the second apartment to give him more space.  Thank you for your help. Read More.